Reasons for hope amid the wreckage

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Has the pace of innovation slowed? Some prominent academics and investors
argue that technological change in recent decades is having much less impact
on the economy than it did in the first half of the 20th century. I bet it
doesn’t feel like that if you work for HMV. Or Jessops. Or Blockbuster.

All three companies called in administrators this week after failing to adapt
to the retail revolution caused by the internet. More than 10,000 jobs are
at risk.

Pundits have criticised the managements for being too slow to react to the
migration of their markets online. But judging